Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week with a fall near the level of 0.6406. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from current levels on the market. At the moment, we should expect an attempt to develop the growth of the currency pair on Forex and test the resistance area near the level of 0.6445. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.5765.
NZD/USD Weekly Forecast May 23 — 27, 2022
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bearish channel, this is a strong signal in favor of sales. Cancellation of the option of falling quotes of the pair in the current trading week May 23 — 27, 2022 will be a strong growth and a breakdown of the 0.6635 area. This will indicate a breakdown of the resistance area and a continuation of the rise of the NZD/USD pair with a potential target above the level of 0.7345. The fall of the currency pair on Forex will be confirmed by a breakdown of the support area and closing of quotes below the area of 0.6185.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar, it is worth highlighting: New Zealand Retail Sales q/q, Interest Rate Decision Zealand Interest Rate Decision, Reserve Bank of New Zealand Press Conference.
NZD/USD Weekly Forecast May 23 — 27, 2022 suggests an attempt to test the resistance level near the 0.6445 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5765. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s fall option will be a strong growth and closing of NZD/USD quotes above the level of 0.6635. In this case, we should expect a continuation of the rise with the target above the level of 0.7345.
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